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Funding Circle almost back to float price after reassuring trading

The peer-to-peer lender advanced £564mln in the last three months
loan
Loan book is up to £2.8bn

Funding Circle Holdings PLC (LON:FCH) recovered more ground after its difficult London listing as a trading update showed it continues to grow rapidly.

The peer-to-peer lender advanced £564mln in the last three months, taking the total to £2.78bn at the end of September, a 61% increase over this time a year ago.

READ: Funding Circle tumbles further as official trading begins

Bad debts for the year to date are running at 2.5-3.5%, slightly lower than the rate over the whole of 2017.

Shares in the P2P lender were battered in the early days following its listing at the start of October slumping as low as 337p, though they are now back close to the 440p float price.

They added another 3% to 424p after today’s news.

Funding Circle matches entrepreneurs and small companies with investors and raised £300mln in the IPO even though it has yet to post a profit.

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